From Bank to Battlefield

Emergency Issue Banknotes

Due to a shortage of banknotes following the outbreak of war, it had been necessary to
produce some special notes. One of these, which came to be known as the Rainbow Note, was
an ‘emergency issue’ of the one pound note. It was circulated in 1914 and,
because it had no security features, could be printed quickly. However, it could also easily
be copied. Counterfeits soon appeared and the note was withdrawn in April 1915. Another
special note, a five shilling denomination, was prepared for issue during 1916 when it was
estimated that, due to a rise in the price of silver, the coins would be more expensive than
the value of the coins themselves. As it turned out, however, the paper note was never
issued.

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images or
names of deceased people.
While we make every reasonable effort to ensure the accuracy of information, some of the content on this
site may contain inconsistencies or errors regarding dates, as recorded by different agencies or
individuals.